Resource America sells stake in D.C. building for $18.4M - Washington Business Journal:

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million. Following the sale, the Philadelphia-based asset managemenr company holds a 5 percenrt interest in thehistorical landmark, which is knowjn as the Evening Star Building. The company will recognize a pre-tax gain of approximately $7.5 million associatedd with the transaction in the quarterendingy Sept. 30. Resource America firstr invested inthe 218,000-square-foot, Class A office buildinyg in 1998. In 2003, Resource Americqa facilitated the sale of an 80 percent interest to the Germamn real estate investment compang KanAm Grund and has continued to assist in the asseft management ofthe property.
The transaction’s timing had to do with a new loan that maturef at the end of according toResource America. “We could have sold all of it, but we like the partner and Washington,” said Alan Feldman, senior vice president of Resource America and CEO of ResourcrReal Estate, the company’es real estate operating “D.C. values are prettyu good and we just decided to take some chipsz off the table and managd our capital and retain a good relationshipp withour partner.” Resourcse America (NASDAQ: REXI) made a similar move in D.C. four years ago, sellinf a majority of its interestr in the at 52914th St.
NW to It kept a 25 percenf interest and a partnership withthe D.C.-basedc developer.